Wedbush Lowers First Horizon (NYSE:FHN) to Neutral

Wedbush lowered shares of First Horizon (NYSE:FHN) from an outperform rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. Wedbush currently has $17.00 price target on the financial services provider’s stock, down from their prior price target of $20.00. Wedbush also issued estimates for First Horizon’s Q4 2024 earnings at $0.36 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.35 EPS, Q3 2025 earnings at $0.35 EPS, Q4 2025 earnings at $0.36 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.50 EPS.

A number of other brokerages have also recently issued reports on FHN. Evercore ISI decreased their price objective on shares of First Horizon from $19.50 to $18.50 and set an outperform rating on the stock in a research note on Tuesday, September 17th. Raymond James cut shares of First Horizon from a strong-buy rating to an outperform rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 18th. Robert W. Baird restated a neutral rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Barclays raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a research report on Monday, June 24th. Finally, Royal Bank of Canada raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an outperform rating in a research report on Thursday, July 18th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $17.38.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $15.39 on Tuesday. The company’s 50 day simple moving average is $15.86 and its 200 day simple moving average is $15.46. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. First Horizon has a 1 year low of $10.08 and a 1 year high of $17.46.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period last year, the business earned $0.39 earnings per share. As a group, research analysts predict that First Horizon will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.90%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently modified their holdings of the business. Rise Advisors LLC acquired a new position in shares of First Horizon during the first quarter worth $25,000. Raleigh Capital Management Inc. acquired a new stake in First Horizon during the 4th quarter worth about $28,000. Fidelis Capital Partners LLC acquired a new stake in First Horizon during the 1st quarter worth about $28,000. Family Firm Inc. bought a new position in shares of First Horizon in the 2nd quarter worth about $28,000. Finally, Nemes Rush Group LLC lifted its stake in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.